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Baker Hughes Announces October 2003 Rig Counts

International Rig Count Down 0% From September 2003; Up 6% From One Year Ago;

Worldwide Rig Count Up 2% From September 2003; Up 26% From One Year Ago

HOUSTON, Nov. 7 /PRNewswire-FirstCall/ -- Baker Hughes Incorporated
(NYSE: BHI; PCX; EBS) announced today that the international rig count for
October 2003 was 790 down two from the 792 counted in September 2003, and up
44 from the 746 counted in October 2002. The international offshore rig count
for October 2003 was 232, up three from the 229 counted in September 2003, and
down three from the 235 counted in October 2002.

The US rig count for October 2003 was 1,102, up nine from the 1,093
counted in September 2003 and up 250 from the 852 counted in October 2002.
The Canadian rig count for October 2003 was 394, up 46 from the 348 counted in
September 2003 and up 174 from the 220 counted in October 2002.

The worldwide rig count for October 2003 was 2,286 up 53 from the 2,233
counted in September 2003 and up 468 from the 1,818 counted in October 2002.

The Baker Hughes Rotary Rig Counts are counts of the number of drilling
rigs actively exploring for or developing oil or natural gas in the United
States, Canada and international markets. Baker Hughes has issued the rotary
rig counts as a service to the petroleum industry since 1944, when Hughes Tool
Company began weekly counts of US and Canadian drilling activity. Hughes
initiated the monthly international rig count in 1975. In 1987, Baker Oil
Tools began its monthly workover rig count.

North American rig count data is scheduled to be released at noon central
time on the last working day of each week. The international rig count and
North American workover rig counts are scheduled to be released on the 5th
working day of the month. Additional detailed information on the Baker Hughes
rig counts are available from our website at
http://www.bakerhughes.com/investor/rig .

Baker Hughes is a leading provider of drilling, formation evaluation,
completion and production products and services to the worldwide oil and gas
industry.